Bengaluru-based gold loan startup, Rupeek, and digital credit solution, Zestmoney, emerged as the fastest growing technology companies in India, based on their percentage revenue growth over the past three financial years, according to a report from Deloitte Touche Tohmatsu India LLP.
While announcing the 50 fastest growing technology companies, as a part of its ‘Technology Fast 50’ India 2020 report, Deloitte India said that fintech emerged as the key sector in this year’s rankings with four of the top six fastest growing companies being from this domain.
Further, these fintech companies have grown a staggering 13x to 70x over the last two years, a testament to the growth of the sector in the country, according to the report.
The aggregated revenue of the top 10 companies has gone up from about ₹21 crore to just under ₹400 crore representing a growth of close to 20x between the 2018 to 2020 period, the consulting group said.
Apart from the top 10, companies ranked from 11 to 20 have grown by approximately four times in terms of their revenue in the past two years, with an aggregate revenue of more than ₹1,500 crore.
According to Deloitte India, this year has also seen a diverse sectoral representation with several companies across data analytics, digital transformation, digital marketing, and other emerging sectors which are likely to see continued growth over the near term.
Further, amongst the top 50 companies, Bengaluru continued to be a key hub for the startup ecosystem, while being the most-represented city in Deloitte India’s rankings. Close to 18 of the total 50 fastest growing startups were from Bengaluru. Close to 12 companies on the list were based in Delhi NCR region.
Despite the pandemic-affecting venture capital funding in the first half of last year, the fintech sector still managed to attract closer to $2.7 billion in equity funding, according to a recent report from management consultancy KPMG.
This is the second-highest fund infusion into the sector since 2019 when it had peaked at $3.5 billion, according to the KPMG report.